Credit Score Home Loan Approval

For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent. If your credit score is below 580, however, you aren’t necessarily excluded from FHA loan eligibility.

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However mortgage pre-approval inquiries will not drop your score. Is a pre- approval for a mortgage loan worth the possible repercussions to your credit score?

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Under the new mortgage rules, borrowers must have a minimum credit score of 600 at the time of approval, in order to qualify for a mortgage under $1,000,000. If you’re borrowing for your down payment, some lenders might even raise the minimum score to 650.

A high score sends all the right signals, while a low credit score, sometimes referred to as "bad credit," can keep you from getting approved. A bad credit score generally falls below 630. The.

*Important Note: Minimum credit scores can vary from lender to lender, and sometimes applicants can be approved even if they don’t meet these credit score requirements. For example applicants with a credit score under 740 are often approved for a conventional home loan, but additional scrutiny and fees may apply.

However, it is very rare to get approved for an FHA loan with a credit score below 580. Lenders look at more than just your credit score. mortgage lenders are becoming better at finding out about the borrowers ability to repay a mortgage because just seeing if you have a good credit score.

In general, government-backed loans don’t have very high minimum credit score requirements. FHA-backed loans, for example, can be obtained with a credit score as low as 500, so long as you can provide the necessary 10% down payment. For a lower down payment, you’ll need a credit score of at least 580.

Most lenders require a FICO score of 620 or higher to approve a conventional loan, and some even require that score for a Federal Housing Administration loan. Lenders typically reserve the lowest.